- New York-founded money transfer platform confirms that it will set up shop in Ireland in part to ensure Brexit doesn’t hold up operations in Europe
- It has been given a relevant license by the Central Bank of Ireland (CBI) to work as a designated Electronic Money Institution
- “With this investment, we are able to continue to support the growth of our customers from around the globe”, said the firm’s CEO
Online money transfer firm Payoneer has opened up a new branch in the Republic of Ireland.
The firm has set up an office in the country’s capital city and financial hub Dublin – and it has also been given a license by the Central Bank of Ireland (CBI).
As part of this license, it will be permitted to carry out its work in Dublin as a designated Electronic Money Institution.
Payoneer is now the 12th firm to receive this license from the CBI.
However, the main significance is that it will mean Payoneer – which was set up in the US city of New York in 2005 – will be able to carry on providing services in the European Economic Area once the Brexit transition period has ended.
In a statement, the firm’s CEO Scott Galit confirmed that the move was at least in part related to Brexit – and emphasised that it would provide some “continuity” for the firm’s customer base.
“This license is the culmination of our efforts to ensure stability and continuity for our customers”, he said.
“With this investment, we are able to continue to support the growth of our customers from around the globe, keeping cross-border commerce flowing smoothly, regardless of the regulatory changes triggered by Brexit”, he added.
Other officials at the well-known cross border payments firm also expressed their positive feelings about the development.
Patrick de Courcy, who will lead the new Irish office, said that the “sophisticated” financial services world in Ireland would stand the firm in good stead.
“Ireland has a credible and experienced regulator in the CBI and provides access to a sophisticated financial services ecosystem with the deep pool of staff, managers, professional advisers and service providers that we’re looking for as we grow operations”, he said.
James Allum, who the firm has just given the role of vice president and regional head of Europe, added that the firm’s commitment to delivering “premium service” was a factor in the decision.
“This new license and Dublin office highlights our continued investment across Europe”, he said in remarks published in the finance press.
“We offer customers and partners a premium service and that means ensuring the highest levels of regulatory compliance and security, and investing in local markets to give them the support they need”, he added.
With trade talks not yet over, Brexit is just one of many issues which the international money transfer sector will have to face in the coming months.
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